A Listing of the Balances of All Assets, Liabilities, and Owner's

question 78

Multiple Choice

A listing of the balances of all assets, liabilities, and owner's equity accounts is called a

• A) compound entry.
• B) general journal.
• C) trial balance.
• D) chart of accounts.

Understand brand positioning strategies and their impact on consumer perception.

Understand the concept and stages of the hierarchy of effects.

Identify the strengths and weaknesses of direct marketing and sales promotion in the promotional mix.

Describe the promotion decision process and its three steps.

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Definitions:

Direct Materials Price Variance

The difference between the actual cost of direct materials used and the budgeted cost, based on the standard prices.

Direct Materials Quantity Variance

The deviation of the actual direct materials amount utilized in manufacturing from the expected standard amount, times the set cost per unit.

Standard Price

The predetermined cost of a single unit of product or service, used in budgeting and to measure efficiency.

Direct Labor Rate Variance

The difference between the expected cost of direct labor and the actual cost incurred, based on the rate paid per hour.